Buying a health insurance Vs building a corpus for health needs

 Should you buy a health insurance or build a corpus for your medical needs?

A straightforward answer for it is “both”, let’s get deep into it. Though your health plan covers the In-patient charges, however, there are lot of other expenditures that aren’t covered in the process of a claim. To an extent some of these depend on the type of health plan the individual has purchased.

1. Administration charges for admission.
2. Disposables
3. Service charge for room cleaner 
4. Cap on doctor visit charges per visit.
5. Cap on ICU charges, Ambulance charges, room rent charges, sublimit for medical conditions.
6. Pre-existing diseases that aren’t covered during underwriting.
7. 2 Year mandatory waiting period categorized ailments.
8. Doesn’t cover any percentage of the claim if the person is identified to be under alcohol influence during an accident or under any such illegal activity.

Health Lump sum should be used for all the differences of a claim or a full medical bill in the offence case medical insurer will shut down the door as soon as it is found to be a claim raising out of illegal activity.

Health insurance is a credibility building activity by paying premiums when you are fit and expect it to be utilized when there is a huge hospital bill due to an unexpected illness or event.

Here is an ideal mix of insurance and corpus that one needs to maintain for a balanced approach.

Image Source: ET 

Venkata SRB
AMFI-NISM MF certified
Insurance Advisor (Health + Life + Motor)

Email: venkatasrb@gmail.com

Drop me an email if you are looking for Insurance or an investment.